Swede appointed CEO of Volvo Cars

Swede Håkan Samuelsson is the new CEO of Volvo Cars. He was presented by the Volvo management at a press conference in Stockholm on Friday morning. The Board of Directors claims the change of CEO has nothing to do with former CEO Stefan Jacoby's health.

61-year-old Håkan Samuelsson was the CEO of German industry Group MAN until 2009. He has been an independent member of the Board of Directors of the Volvo Cars Group since 2010.

“After twelve years abroad in Munich, I will now return to Sweden. I will move to Gothenburg right away. This is a great challenge, and not an easy task. But I know the company well after two years in the board,” said Håkan Samuelsson (cited in Göteborgs-Posten).

He continued to say that Stefan Jacoby had pointed out the right direction and worked hard to strengthen the Volvo brand. Samuelsson said he will continue this work, and also that he realizes that Volvo has challenging times ahead.

“The market is very tough. Not the least in Europe, with faltering economies. But we are not pleased with the sales figures in China either. Volvo has to become a more profitable company, and this will be my main focus. The growth markets must improve, especially in China.”

Göteborgs-Posten writes that Stefan Jacoby most likely has been fired. Sales figures have dropped more for Volvo than for its competition, and the development in China has not gone according to plans.

GP writes:

“There would have been a change of CEO even if Jacoby had been perfectly healthy. He has not gone along with Hans-Olov Olsson, who is vice president of the Volvo Cars board, and who effectively controls the company at the highest level. The disease made it impossible for Jacoby to defend his position.”